Gemini And The Winklevoss Twins Add NYSE Executive To The Fold; Robert Cornish Named CTO

Cameron and Tyler Winklevoss continue to build something rare and special in the cryptocurrency space: credibility and street cred in tandem. The twins continue to blaze a trail that is light years ahead of their exchange competitors that it is fascinating to watch.

Rather than building an exchange for the purposes of routing trades and taking a ‘rake’ on those trades, the twins are building a crypto brand akin to a cross between the NYSE and Goldman Sachs. The largest brands on Wall Street trust these guys.

Several top Wall Street executives have left traditional finance for the volatile world of cryptocurrencies, and it seems like that trend is going to continue. The latest to do so is Former NYSE Chief Information Officer Robert Cornish, who has been picked to be Gemini’s first Chief Technology Officer, leading the company’s tech initiatives.

During his time at the New York Stock Exchange, Cornish led the NYSE technology team and oversaw the overhaul of the Big Board’s outdated electronic trading platform. He was also named in Institutional Investor‘s “Trading Technology Top 40” in 2016. Cornish is expected to begin his role at Gemini later this month.

Tyler Winklevoss said in the statement: “Rob is globally recognized for his abilities in leading high-performing engineering teams, his expertise in exchange and matching-engine architecture, and running high-throughput platforms that are both secure and resilient.”

Cornish joins others such as former Goldman Sachs employees Richard Kim and Michael Bucella in leaving Wall Street to join cryptocurrency focused start-ups. Former Goldman Sachs Vice President Matt Goetz has even started his own digital asset investment firm called BlockTower Capital.

Gemini has consistently taken steps to ensure they are compliant with state and federal legislation, touting it as a main feature of the platform. They are also one of the few exchanges that have been given New York State’s BitLicense, allowing residents of New York to use the exchange.

Earlier this year, Gemini received NY State approval to trade Bitcoin Cash, Litecoin, and Zcash. Gemini has already released Zcash trading on their platform, offering ZEC/BTC, ZEC/ETH, and ZEC/USD pairs. The Winklevoss twins have announced their intent to add BCH and LTC to the exchange in the coming months.

We’ve called Cameron and Tyler the ‘smartest guys in crypto’ before and we think it is worth reiterating here. They are waaaaay ahead of the curve and have lapped their competitors. What they choose to do with that advantage is worth watching.

Trading Crypto: **Friday Afternoon: Sideways Trend Presents ‘Scalping’ Opportunity

Bitcoin overnight (US CST) managed to re-test the 6400 support level once again – a sign that the struggle to go up inside of this short-term uptrend has presented itself. This is the second major test of this support level. Now as price trends sideways, BTC has begun to build something of a “sideways” trend channel. There are two things to keep in mind at this point. First, the Rogue* Wave target at 6800 has also been tested once already. Secondly, looking at the hourly scale(shown), BTC still trends up – even if slightly – with higher highs and higher lows technically. Neither a major support nor a price low or pivot from the privies legs in recent price action has yet to be broken. However, downside protection should still be placed underneath support.

The current Mid Risk BTC entry area has been at 6550 with a downside stop at 6350 considering a 6400 support break would be a new pivotal price break as well. Overnight trading also clearly gives a picture that this level held well so far, giving the channel an almost flat bottom which will likely seek resistance to test once again. Additionally, price is to meet the MA(moving average) line soon at about 6568 as of writing.
Let’s take a look at the tech specs.
Stochastic levels are somewhat sideways in the upper regions, and pivots on the hourly scale just show that there is standing buying power.
MACD is the real indicator of the day. With hourly, 4 – hour mid-scale and daily all showing positive momentum, the only indication of sell, in this case, would be the break of support and likely price point of 6350.
BTC is currently a hold.
Futures Traders – trade the trend. The short-term trend is sideways – use 15-minute charts to catch long calls if BTC looks to hold current levels.

Binance Adds DENT Coin; DENT Market Cap More Than Doubles

Binance announced the listing of DENT coin. DENT coin is one of the lesser-known coins of the crypto-world. Irrespective of it being less popular the coin hiked post its listing on Binance.

Binance on their official website said: “Binance will open trading for DENT/BTC and DENT/ETH trading pairs at 2018/07/06 7:00 AM (UTC). You can start depositing DENT now.”

Binance allows its users to trade DENT in two trading pairs of DENT/BTC and DENT/ETH.

DENT started the day with muted price action – but the announcement changed all of that. The coin maintained a straight line in its charts with minor fluctuations until the announcement. After the announcement, the coin slowly started proceeding towards the hike. Under 9 hours after the announcement, the coin shows a pump of 148% in the 24 hours chart while the hourly cap runs green with a 35% hike.

On July 5th, the market cap of DENT was $37,663,900 which has increased to $86,123,075 as of this AM. This portrays an increment of $48,459,175, having doubled under 12 hours.

DENT coin is an initiative by DENT Wireless Limited. The coin was created with an idea of repurposing data, and the way it is stored, paid and sold. DENT is aimed to be the world’s first mobile data cryptocurrency as the DENT developers hope to transfer coin operations to a new platform of mobile usage. This would be a disruptor in the global telecommunications industry since its goal is to bring in a revolution to the methods of exchanging data.

At the time of writing, DENT has a market cap of $84 million, which is equivalent to the value of 12,899 Bitcoin [BTC]. The coin has a trading price of $0.007984, which has increased from $0.003004 in 24 hours. DENT has jumped over 30 ranks, currently making its position to #103.

”In the current bear market, tight stops and unusual volatility (or lack thereof) are the name of the game…”

Bitcoin has been moving sideways and refuses to test any support/resistance levels in the last couple of days, since the last test of support at 6400. The previous Rogue Wave pivot did attain the 6800 mark, and gave a hard bounce as soon as it was achieved. Now looking at a slow sort of retrace, BTC currently trades at 6585 as it drops slightly below the MA(moving average) line. The previous day or so price range has been about 150 points, and there has been much indecision as shown by multiple doji’s or candles within said range.

The daily chart does continue to grow and MACD shown momentum continuously upward, however the struggle at 6800 has yet to be re-visited which should be the final test for the uptrend to continue. Keep in mind that the longer-term uptrend must break 8k(currently) to have standing as a long-term trend reversal. The overall trend is still down, and in the current bear market, tight stops and unusual volatility at odd times are the name of the game. This is why you must be aware of support and resistance levels constantly during this period.
Support and Resistance currently stands firm at 6k/6400/6800/7200.
The tech specs also show some struggle and indecision as stochastic on the 4 hour scale shown is moving sideways, and as the “5-wave” form is almost clear cut, expect support to once again be tested.
MACD is negative(barely) but mostly flat at the moment, which should not be used as a gauge for the market in indecisive times.
With little movement and likelihood of support re-test, BTC is currently a No Play.
Upside breakout buys should be placed at no less than 6660.
Futures Traders – trade the trend. The short-term trend is sideways. No trade. Confirm the trend first, and until then practice capital conservation.

Bitcoin Technicals: Weeding Out The Dreamers, Rewarding The Grinders

Bitcoin now shows yesterday’s movement to be on track exactly to Rogue* Wave expectation as the retrace movement has now bounced at the support level shown. 6450 is the 1/2 retracement point of the previous leg up, and as stochastic took a dive on the four-hour scale, BTC managed to keep the level at that point and show that 6400 still maintains support and 6450 is surely the pivot area. Now, what comes next will determine if the uptrend is here to stay.

BTC price volatility has been fairly high, and with this current candle, there is little movement. However, there is the fact that price has met the MA(moving average) lines on several times scales, and on several occasions to give it a boost in the right direction. Upward momentum has also been held by the fact that support holds have been solid at every stage, even on the minor scale. A step-ladder like pattern with confirmed higher highs and higher lows additionally helped after a massive breakout from the pennant/channel BTC had formed at the end of June.
Now, BTC looks to aim its sights on reaching the 7k mark. The only blockade is that there is hard resistance at 6800, which can clearly be seen with the wick on the previous candle ending at 6784. There is also the fact that the mid-scale shown also is flat-lining, however, there is room for more upside as the next stochastic cross has now taken place as MACD also looks to cross to the upside.
BTC is currently a buy above support(6550) or hold.
Downside protection under support at 6350.
Futures Trader – Trade the trend. The short-term trend is long. Use 15-minute intervals.

Ethereum Price Action Weakens After Short Run; Possible Short Position Entry

Ethereum has been in a recent uptrend after posting fresh lows in June but is showing signs of weakness. Will the uptrend continue or have we already maxed out our bullish run.

Yesterday night ETH gave many signs to exit near the swing high as every small time frame was showing bearishness and the H4 STOCH was really topped off. Today ethereum is in a downtrend again but this may or may not be the beginning of the continued descent to 350. Diving into the H1 chart we see the STOCH bottomed out while price to have seemed to have found support. The STOCH shows signs of hope for the bulls as this may allow them to have enough momentum to break over the black downtrend and hold for 2-4 H1 candles. If Ethereum is able to do that we could set to enter near the blue line and targets for the long are in green.
The RSI, however, tells a different story. RSI is seeming to match price action and that tells me the decent has more room to fall. The H4 STOCH looks nasty as its coming straight down with no signs of a pivot yet. I’m in favor of short again until we test the previous swing high. So in order to short we want to look for price action to stall at the black downtrend line again with the H1 STOCH topping out again if we get both of those we can look to enter the short near the top of the bounce. A safer entry could be found after confirmation of breaking and rejecting our most recent uptrend line shown in the chart. Targets are in red for shorts and green for the longs, I am in favor of short and will place stop near blue.
Remember to always use good risk management.

Binance Syscoin Mess Unfolds; Trading Halted, Questions Abound

And you thought you had a tough day. The Binance crew were embarrassed by what some are saying is either a ‘fat finger’ anomaly ora clever hack that disrupted the trading action, market caps, and reputations of several brands – Binance chief among them.

As per usual Binance acted quickly, communicated via social media, and tried to inject a bit of humor in doing so. We aren’t so sure it all adds up to a laughing matter.

Binance announced that they removed the existing API keys due to a “precautionary security measure”. This followed after a blog post by Binance stating that the exchange will halt trading, withdrawals, and other account functions for “system maintenance”.

It stated: “Due to irregular trading on some APIs, Binance will remove all existing API keys as a precautionary security measure. All API users are requested to recreate their API keys.”

Earlier today, Syscoin [SYS], a top 100 coin, saw a hike of close to 80% before dropping down. Further reports show that this was due to a single trade on Binance, where one Syscoin was bought for 96 Bitcoin [BTC] for a price of 6.23 million dollars.

The coin was trading at around 0.00004 BTC before beginning trading at 96 BTC. Syscoin’s co-founder, Sebastien DiMichele commented: “My understanding is that yes, Syscoin was sold for 96 BTC per unit at one point today. We saw massive bot activity, our community let us know that they were having trouble with deposits at Binance.”

The blockchain explorer of Syscoin shows that over 1 billion coins have been mined in one block. The block number 87670 shows that the “value out” parameter is of 1,237,899,268.6 Syscoins. This is unusual (to say the least) as the total number of possible SYS tokens is 888 million.

Jamesonn Lopp, a Bitcoin developer, said in a statement to Hard Fork that the mining of many coins falls under breaking monetary supply rules. He stated: “Breaking the monetary supply rules for a cryptocurrency can’t be accomplished via a 51% attack; this indicates that a flaw has been found and exploited at the protocol level. It’s likely similar to the buffer overflow vulnerability that was exploited in Bitcoin in 2010 that allowed someone to create 184 billion BTC.”

In other words, this is a mess that has yet to be solved, figured out, or properly accounted for as of this writing. Binance hasn’t given a meaningful explanation of how, or why, this could have occurred within their architecture – and Syscoin is still dealing with the after-effects of a hack on their ecosystem.

It leaves old school and new school crypto believers scratching their heads and theorizing about how this same method/execution can and will be used on other coins and other exchanges.

“Mine a lot of $SYS. Send $SYS to Binance. Set very high sells vs. $BTC. Hack Binance API. Use $BTC of Binance users that use API to buy $SYS. Take over $SYS mining power to prevent a rollback of the chain. Hope to get $BTC out of Binance.”

That is the type of theory that can be applied to not just $SYS, but any coin outside the Top 25 market cap coins. $SYS is a Top 100 market cap coin and their brand and team have a great reputation. Thus the questions concerning how and when this will happen again. Hackers, thieves, etc, tend to be copycats – especially when considering there are potentially millions of dollars available for said theft.

And then there is this:

User CRNBTC on Twitter noted that one of Binance’s hot wallets have become active again. He said: “7000BTC moved out of @binance hot wallet after the syscoin api pump. binance has not issued any withdrawals since.”

Couple with the news of a compromise on the coin’s blockchain, with Syscoin’s Twitter account stating: “We are investigating a possible issue on the Syscoin blockchain, nothing is confirmed but we have asked for exchanges to halt trading while we investigate.”

In other words – there seem to be breaches and issues everywhere: $SYS network/blockchain, Binance’s exchange/wallets, and several depths of security at both firms.

There will be more to unpack here, we are sure of it.

Bitcoin Technicals Tell A Story; Short Term Sell, Longer Term Uptrend

Bitcoin has finally made a short-term jump to create a solid foundation above the 6k level. After heading up and breaking 6k, the 6400 resistance level was broken to become support once again. The Rogue* Wave pattern, as discussed yesterday, was fully deployed as the first leg up creating the higher high with the bounce off of 6400, then gave the 1/2 retrace leg to create the higher low. The pivot area left the gap open for entry at 6325 (roughly) and allowed for a 300 point run as an exit strategy would have made for a solid trade.

That leaves BTC at another point now. As BTC trades at just below 6600, it is just 200 points away from hard resistance at 6800 again. BTC has previously had some price resistance at the 6600 level, which is why a retrace is likely at this point. Currently, the downdraft has taken back 1/3 of the previous leg up, however, the 1/2 retrace point is more likely and would be a better fit for a continuance of the short-term uptrend with a higher low. This would be registered at 6450, which is basically another test of the 6400 support level.
The next leg up would likely seek out a challenge on the 7k mark – if 6800 resistance can be broken.
Stochastic levels hourly are attempting to pivot, however lower levels are still possible.
MACD indicates the uptrend still intact hourly, and the larger scales continue to have bullish momentum -especially looking at the daily chart.
BTC is currently a Sell short-term
Longer Term: Hold as uptrend is active
Futures Traders – Trade the Trend. The short-term trend is long

Bitcoin Price Action Creeps Past Resistance Levels; But Long Term Trend Remains Negative

Bitcoin in US (CST) overnight trading performs as expected with a breakout from standstill levels. After reaching new recent heights by breaking back above 6k and then 6400, BTC now solidifies that post at it holds 6400 as support along with the major support level at 6k. The pullback after the first run up was completely made whole as the first Rogue* Wave retracement point was also hit, just shy of about 20 points. The initial target was at 6240, while yesterday BTC managed to briefly take the 6260 mark. This is 1/3 retracement of the previous leg up, a confirmation of a higher low in conjunction with a wave completion. Additionally, the drawdown was held to a minimum during the last day’s selloff, which indicated that buying power has held strong and continues to drive BTC to seek out the next level of resistance at 6800.

Keep in mind that support and resistance levels still stand at 6k/6400/6800/7200.
As stochastic shows on the mid-scale 4-hour term(shown), the pullback was matched with about a 1/2 pullback in stochastic levels that showed BTC would not immediately break down has these levels reached oversold(<20) territory.
Additionally, MACD levels show a continued rise as they are still positive, even as they neutralized. This is also the reason this indicator should be used mostly for an exit strategy, not to deal with entries.
BTC is currently a hold. A stop should be marked below support as long-term trend is still down, even with current momentum being positive.
Futures Traders- Trade the Trend. The short-term trend is currently long.

That Bitcoin Spike Now Just Looks Like A Higher Low As Bear Trend Continues…

Bitcoin continues to attempt to stay in the 6k mid-region as the weekend moves on. Currently trading at 6300, support now lies at 6k next with hard resistance at 6400. The recent breakdown over the last several hours, mainly US (CST) overnight trading has led price to remain stagnant for the most part. Now seeking a retracement point, the two options pointed out yesterday still remain for BTC to find a pivot base. 6240 and just below at about 6120 remain.

The retracement so far on the 4-hour scale as shown seems to be striving to hold the MA (moving average) line, however, has recently broken slightly below. This is a natural part of the process to seek out a retracement pivot, and should not be seen as a continuance of the bear trend – yet. To confirm, you must see at least half of the previous leg taken back, and at the very least the 6k mark broken to the downside once again. This is confirmed with the candle close*.
Rogue* Waves continue to show that most of the price action breakout from the pennant several days ago is now looking to make a higher low. This can be judged by taking a look at the tech specs as well.
Stochastic on the mid-scale (4 hour, shown) now seeks lower levels as It exits the overbought region(>80). There is pressure for the price to follow suit, however, it needs to be noted that a pivot point must not be broken, and especially the 6k mark for a trend change at this point.
MACD has also been weakening, but levels are still positive and only barely slowing at the moment.
BTC is currently a hold/sell(med risk) for a buyback at a lower price.